HomeStreet Inc.'s board authorized an additional share buyback plan for up to $25 million of the company's common shares.
The repurchase program will begin during the fourth quarter, subject to regulatory approval. The amount of shares that can be repurchased represents about 3.8% of HomeStreet's outstanding common shares, based on the company's Sept. 30 closing price.
The Seattle-based bank reported third-quarter net income of $13.8 million, or 55 cents per share, compared with $11.8 million, or 44 cents per share, in the year-ago quarter. Core net income for the quarter was $13.0 million, or 52 cents per share, compared with $12.3 million, or 45 cents per share, in the third quarter of 2018.